Question 1

The journal is commonly referred to as the record of:

Options :

A : Cross-reference

B : Final entry

C : Original entry

D : Secondary entry

Answer: C

Question 2

To reconcile a general ledger tax liability account balance, verify all of the following items EXCEPT:

Options :

A : Entries from company accountants

B : Checks issued by accounts payable

C : Account entries against the payroll register

D : Account activity against the quarterly returns

Answer: A

Question 3

When an information return is filed after August 1st of the same year, the penalty amount per form is:

Options :

A : $60.00

B : $120.00

C : $310.00

D : $630.00

Answer: C

Question 4

Documentation on legislative changes to Forms W-2 and W-3 is initiated by which of the following organizations?

Options :

A : IRS

B : OCSS

C : SSA

D : USCIS

Answer: A

Question 5

The best practice is to start the annual reconciliation after the:

Options :

A : W-2 audit is complete

B : End of the first quarter

C : End of the calendar year

D : First payroll of the current year

Answer: A

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